Granary District Development Site
OZ Multifamily Development Opportunity
Marketing description
Cushman & Wakefield, as exclusive advisor, is pleased to present the opportunity to acquire 679 South 500 West (the “Site”), a premier 1.37-acre development parcel zoned MU-11, located in the vibrant Granary District of Salt Lake City, Utah.
This offering represents a rare chance to secure highly coveted, developable land in the heart of the Mountain West’s fastest-growing metro. With minimal new multifamily supply expected over the next three years and renter demand holding strong, Salt Lake City’s multifamily market is approaching a pivotal moment. This creates a rare window for developers to deliver high-quality product and meet growing demand.
Investment highlights
Infill Multifamily During a Supply Reset
Salt Lake City is entering a pronounced multifamily supply contraction, with new deliveries projected to fall over 80% between 2025 and 2026. Combined with a $705,000 median home value and strong renter-by-necessity demand, the Site offers a timely window to deliver new product into a tightening market.
Core Granary District, Transit-Oriented Location
Situated at 500 West and 700 South, the Site is steps from TRAX light rail, the 9 Line Trail, and one block from I-15, within Salt Lake City’s most rapidly evolving mixed-use district. The Granary’s walkable, amenity-rich environment continues to drive outsized residential demand.
High-Density MU-11 Zoning + Opportunity Zone Upside
Zoned MU-11 (up to 85’ by-right / 150’ with design review) and located within a Qualified Opportunity Zone, the Site offers density, entitlement clarity, and potential tax-advantaged execution for long-term investors.
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